The jobs miracle continues – two million new jobs have now been created since David Cameron took over. The Tories are rightly boasting about all of this today, even if they’re keeping quiet about the fact that half of those new jobs have gone to foreign-born workers. Over the last five years, Cameron has overseen more job creation than any other peacetime Prime Minister, as the above chart shows. And he did this in a bust, not a boom. He cut taxes for employers, and for employees. He reformed welfare. Result: the greatest job-creation boom in UK history. Employers are so keen to hire that there are now more job vacancies than ever before:
And there’s never been a greater share of the adult population in work. Here’s Citi:-
And there’s never been a greater share of the adult population in work. Here’s Citi:-
With strong labour demand (plus base effects from weak pay a year ago), pay growth is picking up a bit, with the growth of average earnings ex bonuses up to 2.2%
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